Story of the Day:
The only listed Agribusiness company on the Lusaka Securities and Exchange has announced a change in voting rights for one of its shareholders, according to a published statement from Zambeef Plc. According to an announcement issued by Company Secretary Mwansa Mutimushi, London UK based M&G Plc had its voting rights reduced to approximately 9.40% from 12.10%. Read more
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Yields on Kwacha treasury bills were unchanged in Thursday, June 17 debt sale that saw the central bank in Africa’s red metal hotspot raise K1.89 billion worth of proceeds. Appetite remains strong with the Bank of Zambia absorbing all bids north of K2.2 billion at face value. Read more: The Business Telegraph
Zamtel on June 18, signed a landmark strategic partnership with Mastercard which will enable the telco’s mobile money clients perform safe and seamless digital payments on the Mastercard network including international e-commerce transactions. The unique feature of this partnership is that it will cater for a clientele base even without accounts setting a springboard for financial inclusion in a digital ecosystem. The Business Telegraph
Vice President Inonge Wina says government remains committed to industrialising the country through the development of multi-facility economic zones. Speaking when she toured construction works of the Zambia Jiangxi Economic Zone in Chibombo district, Mrs. Wina said the zone will play a cardinal role in the actualisation of Zambia’s industrialisation programme. Read more: ZNBC
The Bankers Association of Zambia (BAZ) in collaboration with the Bank of Zambia has reduced banking hours for all Financial Service Providers until further notice. Mr. Mwanza says in order to safeguard customers and the general public, working hours have been reduced at a minimum, from 08:15 hours to 14:30hrs to 08:15 to 14:00 on weekdays. Read more: ZNBC
International Business and Finance
The US economy has come a long way since last year’s devastating downturn. But a return to “normal” may not be possible. The Back-to-Normal Index created by CNN Business and Moody’s Analytics stands at 93% as of June 18, a new pandemic-era high. The index is comprised of 37 national and seven state-level indicators that track metrics such as consumer credit, unemployment claims, job postings, domestic air travel and hotel occupancy. Read more: CNN
European Central Bank policymakers meeting this weekend made “good progress” in reshaping the ECB’s strategic goals, including the role it plays in fighting climate change and a revised approach to inflation, President Christine Lagarde said on Sunday. Read more: Reuters
Goldman Sachs has launched its transaction bank in Britain, the firm said Monday, expanding the business after launching in the United States last year as it looks for steadier sources of revenue beyond its investment bank. The bank is to offer companies in Britain cash management services such as payment processing and payroll. Read more: Reuters
Egbin Power Plc, the largest power generating station in Nigeria, is planning to raise $1.8 billion to double its generation capacity and boost output and export electricity to neighbouring countries in West Africa. Read more: Business Insider
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In 80 trades recorded on Friday, 56,674 shares were transacted resulting in a turnover of K200,774. Trading activity was recorded in Copperbelt Energy Corporation Zambia, Lafarge, Puma, First Quantum Minerals, Real Estate Investments Zambia, ZAMEFA, and Zambia Sugar. The LuSE All Share index (LASI) closed at 4,386.35 points, with a 0% change from its previous close of 4,386.35 points. The market closed on a capitalization of K59,346,206,049 including Shoprite Holdings and K25,101,565,274 excluding Shoprite Holdings.
Chart of the Day:
